Nike (NKE.US) announced on Thursday that former executive Elliott Hill will rejoin the company as President and CEO. The sports apparel giant is restructuring its senior management in an effort to revive sales and tackle increasing competition.

Hill worked at Nike for 32 years, holding senior leadership positions in Europe and North America, responsible for helping the company grow its business to over $39 billion. Prior to his retirement in 2020, Hill served as Nike's Consumer Market President, leading all commercial and market operations for the Nike brand.

The company also added that Hill would become a director on Nike's board of directors and a member of the executive committee.

During this transition, John Donahoe has decided to retire as President and CEO and step down from Nike's board of directors starting from October 13. Donahoe will serve as an advisor until the end of January.

Mark Parker, Chairman of Nike's board of directors, said, "Considering our future needs, past performance, and after careful succession planning, the board concluded that Hill's global expertise, leadership style, profound understanding of our industry and partners, along with his passion for sports, our brand, products, consumers, athletes, and employees, make him the right choice to lead Nike in the next phase of growth."

In early June, Nike reported lower sales and first-quarter performance than expectations, raising concerns among analysts about North American consumer demand, macro factors, and competitive impact.

So far this year, the company's stock price has fallen by over 24%, while the S&P 500 Index has risen by over 19%.